Bitcoin is About to See “Nasty Price Action” if it Breaks One Crucial Level

The cryptocurrency’s recent price action has done little to offer any significant insight into its macro outlook, as it still remains caught within its long-held range between $9,000 and $10,000. As for what analysts are saying about where Bitcoin could trend next, one explained that he is closely watching the $9,000 level for insight into its mid-term trend.

He notes that a break below this support would lead BTC to its multi-month lows of $8,600, with a decline beneath this level giving rise to “nasty price action” that could cause the crypto to see a far-reaching selloff. Chart via TradingView.Here’s the Level That Could Spark a “Nasty” BTC Selloff  If BTC does reel down to $8,600, how it reacts to the support here will be crucial for determining where it trends next.

Timeline of Bitcoin